All On & Katapult Invest in Innovative Solar Mini-grids Company NXT Grid to Expand Their Nigeria Footprint
Amsterdam, 15 Dec 2021 – NXT Grid, an innovative one-stop-shop for solar mini-grids, announced today it has raised $1.4 Million from investors All On and Katapult Climate.
“We are excited about the growth path that the investment enables and about the strategic value and experience our investors bring to the table. All On has already been a great partner for our Nigerian operations since their initial investment in 2020, while Katapult has provided us with access to key resources to be fully ready for our growth in the coming years. Solidifying our relationship with such strategic investors is another step on our path to achieve solar mini-grids everywhere, by anyone” said Fabio De Pascale, CEO and co-Founder of NXT Grid.
NXT Grid’s innovative integrated platform makes it easy and affordable to install and operate a solar mini-grid. The company couples AI-based software with rented solar equipment, to enable business customers to run their own town-sized utility. The upfront costs are reduced by 80% and make mini-grids a financially and environmentally sustainable alternative to generators.
The investment builds on top of an initial investment by All On in 2020, which made it possible to deploy the first mini-grids in Nigeria. The new funding enables the company to further its growth in the country, with 30 grids planned to be constructed by 2023.
Following the investment, Goziem Okubor, Senior Investment Associate of Nigerian off grid energy investor All On: “We are thrilled about our follow on investment in NXT Grid, which comes after the company proved its model in the Niger Delta region with its first grids in 2021. NXT Grid's model has the potential to disrupt the clean mini-grids industry in Nigeria and the rest of Sub-Saharan Africa, thanks to the unique ability to empower and enable local companies and local investors to sustainably build and operate solar mini-grids with no prior experience.”
Nina Heir, CEO Katapult Climate and Partner at Katapult, a leading Norwegian climate-focussed fund and accelerator, says “For the first Katapult cohort focusing solely on climate tech, we evaluated more than 1,000 impressive companies from across the globe. NXT Grid’s offering of providing easily deployable solar mini-grids not only aligns with our investment criteria but speaks to the core of our vision of building a thriving world for all.”